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News Highlights : Top Financial Services News of the Day 05/19/2021 | 12:16am EDT Send by mail : Message : Bank of America to Raise U.S. Minimum Hourly Wage to $25 by 2025 Just over one year after raising its U.S. minimum wage to $20 an hour, Bank of America said it plans to raise its hourly minimum to $25 by 2025. HgCapital Aims for Up to $1 Billion With Debut Debt Fund HgCapital is pitching a new fund that would provide debt to the private-equity portfolio companies that the London-based firm backs. JPMorgan Puts CEO Contenders in Charge of Consumer Operation JPMorgan Chase is putting two of the contenders vying to succeed CEO Jamie Dimon in charge of its consumer-banking operation, further cementing them as front-runners to lead the U.S. s biggest bank. ....
The Morning Briefing: Coaching comes to the fore; DB dalliance By Justin Cash 7 th April 2021 8:31 am Good morning and welcome to your Morning Briefing for Wednesday, 7 April, 2021. To get this in your inbox every morning click here. Coaching Comes To The Fore We have heard a lot about the value of coaching for advisers in recent years. The argument goes that in the post-product, planning-focussed age, being able to understand your client’s emotions, how they feel about money, and how to change their behaviours with artful discussion skills can have a huge impact on their wellbeing. The question for many planners has always been: how do we monetise it though? ....
Credit Suisse Could Face Further Archegos Impact This Quarter This content was published on April 6, 2021 - 11:12 April 6, 2021 - 11:12 (Bloomberg) Credit Suisse Group AG could see further impact from the Archegos Capital Management blowup this quarter as it winds down residual positions. While the Swiss bank has substantially reduced its exposure, the sale of about $2.3 billion worth of stocks via block trades this week didn’t affect the first-quarter figures, according to a person familiar with the matter. Any further impact from that and other swings in remaining positions would be booked in the second quarter, the person said, asking for anonymity to discuss internal information. ....
(Bloomberg) Credit Suisse Group AG is leaning toward letting clients foot the bill for eventual losses in funds that the bank ran with former billionaire Lex Greensill’s company, according to a person familiar with the matter. The bank considers that the risks around Greensill were known and the funds were only marketed to investors able to assess such risks, the person said, declining to be identified discussing private matters. The Zurich-based lender didn’t take any substantial loss due to Greensill in the first quarter. The bank’s stance runs counter to reports last month suggesting executives were considering compensating investors hit by the collapse of the funds. Credit Suisse marketed its popular supply-chain finance funds as among the safest investments it offered, because the loans they held were backed by invoices usually paid in a matter of weeks. But as the funds grew into a $10 billion strategy, they strayed from that pitch and much of the money was lent through G ....